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Links for 2016-12-09 [del.icio.us]
Saturday, December 10, 2016 1:18
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- TheMoneyIllusion » Greg Ip on trade imbalances and demand
Let’s start with the US. The US is not at the zero bound, and the Fed is expected to raise rates in a few days because they think that failing to do so would result in excessive AD. So if protectionism somehow miraculously boosted AD in the US, the Fed would simply raise rates even faster to prevent any stimulative effect on AD. Now it’s true that the Eurozone and Japan are both at the zero bound. But both economies have very large current account surpluses, so obviously trade deficits are not depressing output in those two regions. Even very depressed areas such as Italy run surpluses. - School test scores in Africa – The Unz Review
Kenya’s students scored the best in 2000 and their teachers did quite well. Sandefur estimates that Kenyan teachers would have done better than world-leading Singaporean 15-year-olds on the TIMSS. Way back in 1981 I had a summer job involving Africa. Back then, Kenya’s GDP per capita was quite low by African standards. But most of what I read for the job that was of a qualitative nature implied that, GDP statistics be damned, Kenya, as Olympic medals and foreign tourism would suggest, was the best country in black Africa. Employing smart math teachers would seem to me to be a good measure of a country’s quality. - Europe has a massive and growing trade surplus, and is hemorrhaging manufacturing jobs, Scott Sumner | EconLog | Library of Economics and Liberty
the decline in the US has been similar to the decline in Europe. Germany has seen the second sharpest decline (after the UK), while Italy has seen the smallest loss of manufacturing jobs. Interestingly, Germany and the UK have two of Europe’s healthiest overall job markets, and Italy has by far the worst employment situation of the countries on this graph. Manufacturing jobs don’t equate to a healthy job market. - How Castro is Like the Minimum Wage, Bryan Caplan | EconLog | Library of Economics and Liberty
Any person of common sense would have foreseen the fruits of this demented recipe: mass murder, slavery, war, famine, and poverty. But common sense is, alas, not so common. The horrific Marxist-Leninist “experiment” spread from Russia to Eastern Europe, China, southeast Asia, Africa, and Castro’s own Latin America. And while most of these regimes were far worse than Cuba, Castro did great evil – and continues to do evil – by charismatically inspiring sympathy for this psychopathic path to a glorious future. - Open Letter to Jared Bernstein – Cafe Hayek
– According to a June 2014 report from Brookings, “Jobs in FOE’s [foreign-owned enterprises in America] are relatively concentrated in manufacturing and advanced industries.” How do you square this fact with your implication that such investments are “a significant drag on growth and manufacturing jobs” in the U.S.? - Ten Points on the Wrong Side of History, Bryan Caplan | EconLog | Library of Economics and Liberty
5. When I actually look at historians’ Big Pictures, they’re even worse than their liberal bias suggests. Economic illiteracy is rampant. Social Desirability Bias rules the day. And moral relativism reigns supreme. - US Shale Gas Is Powering Mexico – The American Interest
Thanks to the American shale boom, Mexico is suddenly capable of weaning itself off of expensive LNG imports, and it’s working closely with the U.S. to build out the necessary pipeline infrastructure to unleash this glut of shale gas south of the border. - Private versus Public Health Care in India – Marginal REVOLUTION
The bottom line is that the private market for health care is much bigger and less expensive than the public health regime in rural India and once we control for knowledge it’s of higher quality. These results have important implications for reform. In particular, much more effort should go into improving the knowledge of the private sector. - Mexico and China Are Very Different Trading Partners – Bloomberg View
Although China and Mexico both trade a lot with the U.S., and have both been running significant trade surpluses with the U.S. for decades, that’s where the similarity ends. The China-U.S. trade relationship is spectacularly unbalanced, with a gap between goods exports and imports that exploded not long after China joined the World Trade Organization in 2001 and that, while it has subsided a bit since last year, is still of a scale never seen before “Chimerica” came into being. - Vignettes From A Communist Utopia – LaborEcon
My memory bank is full of such vignettes. But I know there are far worse stories to be told, documented, and kept alive to ensure they do not disappear into the ether. Communism is evil and Castro was one of the devil’s agents.
Source: http://del.icio.us/HispanicPundit#2016-12-09
